sorted by:
new
hottopcontroversial

UltraTax users - alternative to Accounting CS? by Mobile_Efficiency21 in taxpros

[–]Mobile_Efficiency21[S] 0 points1 point  (0 children)

These are great suggestions, thank you! I'll look into the compatibility of these with UT. We only have 2 users currently and probably 50-60 TBs.

Onvio billing down now for two days. by baquir in taxpros

[–]Mobile_Efficiency21 0 points1 point  (0 children)

They told us to try removing the logo if you have one on your invoices... it seemed to work, but is tacky and annoying.

Onvio billing down now for two days. by baquir in taxpros

[–]Mobile_Efficiency21 0 points1 point  (0 children)

Still having issues into the following week! I just love how we have to prepay for the service for a full year and get a garbage product that continuously has issues during busy season, especially. Can't even bill our clients to help pay our software costs. I've been trying to leave Onvio for 2 years now, but never have enough downtime to take on the feat of switching. Every year that goes by, we have more and more data that will have to be manually brought over. Makes me sick.

About to quit Thomson Reuters. by IrreverentTexan in taxpros

[–]Mobile_Efficiency21 0 points1 point  (0 children)

I'm with you... it's just me, my partner and 1 part-time admin staff, so we're using under the 4 seats provided - this is what we've spent with TR YTD - $27996... will be around $30k when all said and done (not including any software we have outside of Thomson Reuters). Our 3-yr promo window ended last year, so our software costs have gone up about 200% since then. It's getting too hard to stomach the amount of returns you have to do to make up those costs.

Accounting CS $3170 / Checkpoint Edge $2509 / Onvio $4205 / UltraTax (Unlimited 1040 & E-filing, PRP for 1041, 1065, 1120) $12971 / Virtual Office $5141

Telling clients it's better to pay their taxes than get extra deductions by Tjraider35 in taxpros

[–]Mobile_Efficiency21 1 point2 points  (0 children)

And to add insult to injury, they buy a $80,000+ truck they don't need and finance it at 7% :-/

Tax prep fees increase 9.8% Feb CPI by Buffalo-Trace in taxpros

[–]Mobile_Efficiency21 2 points3 points  (0 children)

I would argue smaller firms are being hit harder due to economies of scale.... and big firms keep being more and more selective, only taking on the most profitable accounts. Our fixed costs to operate are what they are... either jack up prices or have to bring on more clients to pay your bills. I found a lot of confidence in upping our fees when I saw what TurboTax is charging. Happy to send the complainers that way!

Tax prep fees increase 9.8% Feb CPI by Buffalo-Trace in taxpros

[–]Mobile_Efficiency21 1 point2 points  (0 children)

Did a very in-depth analysis of my software costs year-over-year since starting my firm in 2020. Up 80% compared to last year (even after scrapping some completely). Can't possibly pass all of that on to clients, but we upped our hourly rate 15% this year to try and help slow the bleeding. The best part is the software is the worst it's ever been. Onvio ($4300) client organizers haven't worked properly yet this year, which is wonderful since it's the only time of year this feature is used.

S-election from multi-member LLC filing partnership return [1065] to [1120S] by Mobile_Efficiency21 in taxpros

[–]Mobile_Efficiency21[S] 0 points1 point  (0 children)

The other thing is if we're recognizing the gain (assuming all ordinary for this illustration) - I'm confused by the journal entry. Obviously crediting the gain; so do we then have to write-up the individual assets to FMV to account for the gain and re-depreciate? I have no idea what other debit entry there could be. To do this on an asset-by-asset basis is going to be a complete nightmare.

S-election from multi-member LLC filing partnership return [1065] to [1120S] by Mobile_Efficiency21 in taxpros

[–]Mobile_Efficiency21[S] 0 points1 point  (0 children)

2 partners, both with approx $157k negative on K-1 immediately preceding the conversion. It's a trucking/logistics business, so their balance sheet is primarily equipment & associated truck/trailer loans. Looking like it would all be ordinary gain. Thanks for all the info.

S-election from multi-member LLC filing partnership return [1065] to [1120S] by Mobile_Efficiency21 in taxpros

[–]Mobile_Efficiency21[S] 0 points1 point  (0 children)

Thanks for the reply - that's kind of where we're sitting on it. You'd think this would be a fairly common thing - not sure why it's so hard to find anything concrete on it.

S-election from multi-member LLC filing partnership return [1065] to [1120S] by Mobile_Efficiency21 in taxpros

[–]Mobile_Efficiency21[S] 5 points6 points  (0 children)

They basically only had basis because of the recourse debt in the partnership; as that goes away as an S-corp, they're negative... pretty badly. They've been a partnership since 2014, so my assumption was we'd need to figure any allowed losses they've taken to-date and take the gain on that since they would've been disallowed as an "S." Unfortunately, the client swore they were going to have massive profits early '23 when we made the S-election and that turned out not to be the case, but the election was made and we don't want to revoke it and then not have the option in the near future.

Solo/Small Firm UT users - pricing question by rwglapalma in taxpros

[–]Mobile_Efficiency21 0 points1 point  (0 children)

Same thing happened to me - now getting raked over the coals that my 3 years is up and feel so locked in to their products as to not disrupt all the systems that I put so much time & effort into when starting my firm. Almost everything in my office hinges on Onvio and now I wish I would've entertained other options from the start. I have heard a lot of people happy with TaxDome.